The international rating agency, "Capital Intelligence" announce raising the classification of Yemen in 2008 despite the challenges of the global financial crisis

Theinternational rating agency, "Capital Intelligence" which located inCyprus, with branches in various parts of the world announce raising the classificationof Yemen in 2008 despite the challenges of the globalfinancial crisis.Theclassification of rose from a negative "B -" inNovember 2006 to a "B" in December 2008, as the classification of foreigncurrency has risen from "C" during the same period. the indicator of good credit represent the success of the plans and programs of theCentral Bank in implementing the electoral program of President Ali AbdullahSaleh, which focuses on the reform of the banking sector and its role inattracting savings and encourage investment financing to achieve continuing development and growth, and enhanceimplementation of efficient monetary policy to maintain monetary stability, andstrengthening the role of financial intermediation of the financial sector toencourage savings among the citizens.The new classification confirms thatdespite the global financial crisis, Yemen is still in a good position due to animprovement in the transparency through the periodic issuing of the financial data, as well as to the accumulation of internationalreserves, exchange rate stability.The international recognition reflects the continuing efforts of theCentral Bank of Yemen in the early forecast for the global financial crisis by taking many steps in order to protect thebanking system from falling into a crisis of liquidity and credit risks. In addition to some procedure he put in practice such as the exemption from compulsory reserve to the documentarycredits.The CentralBank has succeeded in the implementation of international standards for the bankingsector, .including the adequacy of the Yemeni capital, which amounted to 12%noted that the Basel (1) determined it by the rate of 8%. in addation to that ;The central bank assert on the criteriafor granting credit and avoiding taking any potential risks by oblige banks todo allocation for debt , defining accounting firms and establishing specialized departments for internal control in every local bank and the periodic issuing of the list ofdefaulters, in addition to activating every kind of control by theCentral Bank.